By Iddi Yire, GNA
Accra, Aug. 17, GNA
– Mr Mike Nyinaku, Chief Executive Officer (CEO), BEIGE Capital has called for
the creation of Ghanaian-owned economy; where at least 40 per cent of gross
domestic product is derived from economic activities of businesses of Ghanaian-ownership.
He said it is
normal to expect most of the small and medium enterprises (SMEs) in any country
to be owned and run by natives, however, there’s also an emerging trend where
natives are beginning to own respectable shares in multi-national companies
(MNCs) operating in their respective countries.
“This is because
MNCs are very crucial in any society and as a matter of fact most SMEs revolve
around them and would not survive if these companies or corporations cease to
exist,” Mr Nyinaku said on Wednesday at the fifth Ghana Economic Forum in
The two-day forum,
which is being organised by the Business & Financial Times (B&FT), is
on the theme: “A Ghanaian-owned economy – setting the agenda for achieving it.”
The theme was
chosen to reflect the increasing need for more high-end jobs and investments in
the economy that would keep monies home, even as foreign direct investments
takes its share away.
Using statistics to
support his claim, Mr Nyinaku cited Toyota of Japan; stating that about 20
million people representing almost 16 per cent of the population of Japan had
their livelihood connected to the existence of Toyota.
“Now, the sheer
numbers of lives that are impacted by these companies alone have turned them
into micro–economies within their country’s larger economy,” he said.
On why can’t we
have MNCs in Ghana, Mr Nyinaku explained that the folks who could make it
happen – either knowingly or unknowingly are waiting for it to happen by
He said for the
private sector, which is the engine of growth of the economy to thrive into
MNCs; government must go beyond creating the enabling environment by giving
them the needed support.
“By creating the
environment, small companies like mine would thrive and find our level. We
would be able to provide livelihood and economic opportunities to a few
thousands of individuals but that’s where it ends…and I’d explain this soon,”
“You don’t have to
expect BEIGE Capital to organically grow into becoming Ecobank, just like that.
It doesn’t happen.
“A company like
Ecobank was created into being by forces of greater influence. Same can be said
for others like Dangote, GLO, UBA and the like,” he added.
He explained that
for that to happen there has to be a willingness on the part of the force that
has influence over the system and could make things happen – in this case, the
government – and also a willingness on the part of owners of the vessel that
has potential to be exploded.
“Without this, if
you are waiting for such monster companies to emerge through organic
transformation then we would be waiting for a long time,” he said.
Mr Nyinaku founded
BEIGE Capital, in 2008, after a successful career as a professional accountant
for 10 years.
As CEO, he has
nurtured the growth of BEIGE Capital from its inception to its current status
as the leading Savings and Loans Company in Ghana.
Mrs Edith Dankwa,
the CEO, B&FT, said coming from the battering of a three-year energy
crisis, hyper-inflation, the most depreciating currency on the continent and heavy
borrowing by government, Ghana was now in a mixed zone of pessimism and
International Monetary Fund stabilizing the currency and putting in place
measures for growth which include the taming of the twin-deficits, Ghana is not
only poised for stability but sustained growth,” she said.